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Mar 17, 2008

China wants 40% of oil, gas imports from Africa

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Africa|Flow|Gas|Petroleum|Africa|Energy|Flow|Oil And Gas
Africa|Flow|Gas|Petroleum|Africa|Energy|Flow|Oil And Gas
africa-company|flow-company|gas|petroleum|africa|energy|flow-industry-term|oil-and-gas



China wants up to 40 percent of its oil and gas imports to come from Africa in the next 5-10 years, a Chinese industry official said on Monday.

"We wish to increase the imports, the oil and gas from Africa from 35 to 40 percent in the next five to 10 years," Zhiming Zhao, executive president of China Petroleum and Petro-Chemical Industry Association told reporters at an energy conference in Cape Town.

China has embarked on a relentless investment drive in Africa to feed its exploding economy.

There have been a steady flow of big deals since President Hu Jintao announced a drive to boost relations with Africa in 2004.

Edited by: Reuters
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